West Lance, a director at Finance of America Companies Inc. (NYSE:FOA), has sold 6,750 shares of the company's Class A common stock. The shares were sold at a weighted average price of $21.00, resulting in a total transaction value of approximately $141,750. The transaction comes as FOA shares have surged nearly 300% over the past six months, with the stock currently trading at $22. According to InvestingPro analysis, the company maintains a GOOD Financial Health Score and is trading near its Fair Value. Following this sale, West Lance holds 23,245 shares indirectly and 12,280 shares directly. The shares were sold in multiple transactions, with prices ranging from $21.00 to $21.04. For deeper insights into insider trading patterns and access to comprehensive financial analysis, including the detailed Pro Research Report for FOA, visit InvestingPro.
In other recent news, Finance of America reported robust Q3 results, with net income reaching $204 million and funded volume hitting $513 million, surpassing the projected range of $475 million to $500 million. The company's earnings per share stood at $8.48, while adjusted EBITDA was reported at $32 million. In addition to these financial achievements, the company saw an 89% increase in volume from their HomeSafe Second product, indicating significant growth in their home equity-based retirement products.
The company's Q3 revenue also grew from $79 million in Q2 to $290 million. Furthermore, Finance of America completed a reverse stock split and an exchange offer for 2025 unsecured notes. A $794 million securitization of the HomeSafe product was completed during the quarter, and the company reissued HECM buyout securitizations totaling $705 million in October.
Looking ahead, Finance of America projects adjusted earnings per share between $2.60 and $3 in 2025, and anticipates continued positive cash flow and financial growth. The company also plans to provide an update on Q4 and full-year results in March 2024. These recent developments underline Finance of America's strong financial position and strategic focus on expanding their home equity-based retirement products.
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